Is a Short Sale in NJ Right for You?

For homebuyers interested in a short sale NJ has many options available and the state itself has many advantages to offer those relocating to the area. While short sales aren’t for everyone, they do offer unique benefits that many homebuyers appreciate. Before deciding if a short sale in New Jersey is the right choice for your homebuyer needs, here are a few helpful considerations to keep in mind.

What is a Short Sale?

When it comes to a short sale NJ follows the same procedures as other states do for this transaction. Short sales take place when a property owner sells a piece of property for less than the amount of the property’s loan balance. For this transaction to go forward, the lender has to agree to it as well. Although the process has been long and frustrating for many homebuyers in the past, banks are becoming more agreeable to this option, since it is less expensive and more efficient than going through foreclosure proceedings.

Certain banks have even streamlined the process, making them more attractive to homebuyers. With many homebuyers beginning to look for a short sale NJ is no exception and according to RealtyStore.com, a variety of short sale opportunities are available within the state.

The Pros and Cons

For homebuyers interested in a short sale NJ offers options across the state. However, before deciding on a short sale, it’s important to consider both the pros and cons of this home buying method. The biggest pro that buyers can enjoy is the low prices that can be enjoyed when choosing this route. Prices are often significantly lower than the home value, allowing buyers to purchase a much nicer home than their budget may have otherwise allowed. In some cases, short sale NJ lenders may step in and offer good financing options to help secure the deal and get the home off their hands, which benefits the lender and the buyer.

Yes, when choosing a short sale NJ can offer buyers some excellent prices, but the cons of short sales must also be considered. One con to consider is the time it often takes to come to an acceptable deal for all parties. Even though a property owner may accept the deal, the lender must approve offers made by prospective buyers as well. This can lead to a lengthy buying process in some cases. In some cases, deals can fall through in the end, which can be disappointing to buyers.

Relocating to New Jersey

If you’re considering a short sale NJ and its economic climate should be considered before deciding this is the best place to relocate. Currently, the state boasts a higher than average per capita income, with more than 75% of per capita incomes rating above the national average. Unemployment is a big concern for families relocating today, and while New Jersey is still at a 9% unemployment rate, that rate has been falling and new jobs have been created within the past couple of years. While New Jersey has seen a higher than average jobless rate in the country, the fall in unemployment rates is encouraging.

When considering NJ, more than the economic climate should be considered. When homebuyers decide to purchase a short sale, NJ offers a diverse climate that many appreciate. The climate is warm during the summer but offers winters often see snow. Families considering relocating to the area will find that excellent school systems are available and public schools spend more per student than most schools across the country. Beyond quality public schools, one of the most prestigious national universities is located in the state, Princeton University.

Buying a Short Sale

With all the benefits of a short sale and the excellent advantages found in the state of New Jersey, it’s easy to see why RealtyStore.com reports that “short sale NJ” has become such a hot search term today. Of course, those going down the short sale road should keep several things in mind. First, patience is necessary. These deals often take some patience, but a bit of patience can yield some exciting benefits. It’s also important to double check the home before buying, since these sales are generally “as is” and come with no extra money to take care of any problems.